Closing Process

Requirements necessary for loan documentation preparation and funding.

We will be preparing and providing loan documentation for signatures and notarization, along with your FAA registration form AC 8050-1. Prior to loan documentation, we will order and review the aircraft title and require a free and clear title prior to funding. We will file necessary FAA docs to appropriately transfer ownership.

In addition to executed loan documentation and registration, we will also need the following items:

  1. Executed purchase agreement
  2. Business organizational documents (if applicable)
    • Corporation—by laws, tax ID, state stamped as filed Certificate of Incorporation
    • LLC—Operating Agreement, tax ID, state stamped as filed Articles of Organization or Certificate of Formation, Operating Agreement
  3. Three photos of aircraft (full aircraft exterior with visible N number, the interior, panel)
  4. Copy of pre-purchase inspection by a 3rd party licensed A&P mechanic including signature, legible printed name, A&P number and telephone number. If the annual inspection has been conducted within 30 days of closing, the pre-purchase inspection is not required.
  5. Copies of the first engine and airframe log entries and copies of the current annual inspection airframe and engine log entries.
  6. Written or email confirmation from the seller to include a specific dollar amount paid and amount outstanding.
  7. Certificate of Insurance to include lienholder endorsement prior to closing.
  8. Payoff letter with per diem and wire transfer instructions from the existing lienholder, to include details on how the lien release will be filed if applicable.
  9. Executed FAA Bill of Sale

We will be in contact throughout the loan process and can be reached via phone Monday-Friday 8:30am-5:00pm (Eastern) at 1-800-999-3712.

Fax Number - 863-646-1671, Email - nafco@airloans.com

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